If you’ve watched some of our other blogs or spoken to me, you’ll know that part of my investment philosophy is that the only way to be successful is to eliminate vacancy and turnover to create long term tenants. This is how we operate our management company. (more…)

It’s important to understand how property management fee structures go. Most property management companies operate under three different departments, and your fees cover all the expertise that’s provided by those departments. (more…)

When the phone rings or we receive an email from a new owner asking about our property management services, the first question they usually ask is how much do we charge. I’m always puzzled by that. They haven’t told us anything about their property or asked us anything about our services. It seems as though the only thing of importance is the price. This is common, and I wondered why. So, I Googled it. After reading many articles, some dating back decades, I found studies that indicated the reason consumers ask price questions first is because it’s something they’re comfortable asking. They don’t know what questions to ask, so price is their determining factor in a property management service or any other product or service. (more…)

There are a few important questions you should ask rental property managers to determine if the value you’re going to receive is worth the price the property manager wants to charge. Warren Buffet says price is what you pay and value is what you receive. It’s important that when you talk to a property manager, you ask them open-ended questions. This is, after all, an interview.

Obviously, you hope that your property manager will do a good job in finding a qualified tenant for you. Typically, a good property manager will do an extensive background search to determine prior rental history, job and income, debt load, and any past infractions that a landlord may have had. However, many times, people lose their jobs or face medical emergencies and other financial hardships. In these cases, the tenant will delay paying rent or not pay rent at all. That’s when you have to rely on your property manager to solve this problem for you.(more…)

Out of state investors have more risk when it comes to investing in rental property. They need a property manager they can trust who is local and able to pay attention and relay information. Today, we’re talking about hiring a property management company in Indianapolis, and what you need to look for in making a good decision. (more…)

The simple strategy for putting more money in your pocket is to stop focusing on monthly cash flow and to do everything you can to avoid vacancies and turnovers. This will put more profits into the pocket of any rental property owner. I get calls from prospective clients who are often unhappy because they are not making enough money. When we talk, they tell me they have great cash flow but tenants move out and high turnover costs or vacancy eat up previous profits. This is a common problem and four simple steps can help you solve it. (more…)

There is a lot of information available about how to choose professional property management in Indianapolis, but very little information about how to monitor that manager after you’ve made your choice. This is important because many rental property owners wonder if they should trust their property manager. Maybe your Realtor referred you or maybe you bought a turn-key investment with a property manager already in place. You trust your kids but you still want to know where they are and who they’re with. The same thing is true with your investment. You need to monitor your property manager and make sure your property is safe. There are a few ways to do this. (more…)